Platzer Fastigheter Holding AB (publ)

Hello and welcome to our half-year report. My name is Johanna Hult-Rensch, and with me I have... Trevor Collin. We're going to take you through the first half of the year. If we sum up the year, or the half of the year so far, we see that the rents have increased by 17%. And in comparison to the stock, the growth was 8%. So that's a strong message in this market. The online news is still positive. It is the 15th quarter in a row. We are very proud of that, but also saddened by future changes in demand due to the effects of a weaker economy. We have record levels on our renegotiated contract volumes. For us, it is only two quarters earlier that we have been at this level. In an isolated quarter, this volume is larger than during previous years. This results in a turnover that increased by 19% and an administrative result that increased to SEK 345 million. The other thing to mention is that we maintain our investment grade rating from NCR, and we are also awarded the award for the year's winner in circular construction and reuse, and we are very happy about that. I will start by taking you through the market situation in Gothenburg. We start with the economic activity and the economy. Conjuncturen har stärkts de senaste två kvartalen på rad. I två utav fyra sektorer så upplever Göteborgsregionens företag att nuläget är normalt. Tjänstesektorn upplever konjunkturläget som normalsvagt och byggindustrin känner fortsatt en lågkonjunktur. Samtidigt pågår en hel del omvärldsfaktorer som dämpar förväntningarna om konjunkturen under 2024. The expected BNP growth in the region's 10 strongest markets is 1.6%, 24%, and then increases to 1.9, 25%. There we see a turn. The last period shows that job growth in Gothenburg is still positive, but of course it has slowed down in terms of the year. We have unemployment in this region that is rising, as in the rest of the country, but it is clearly the lowest. It is at 5.8 percent. The majority of Sweden is at 6.8 percent. Welfare contests will probably increase a little before it turns. Gothenburg's growth rate has, as I said, been decimated, but it is from high levels. In the last ten years, we have had a regional BNP growth of 72 percent. It is almost close to that of China, standing at 90 percent. The rural area is at 17%, so we are coming from quite high levels. So we can summarize it as if the Gothenburg region actually stands strong. And what is it then that makes Gothenburg stand a little stronger and more resistant than the rest of Sweden? First of all, we have a underlying factor called population growth. According to SEB's latest statistics, our city is expected to grow the most in the country in the coming years. And then something fundamental happens in this region. It is obvious how this green transition drives growth. We have a lot of industries, 750 in total. In this picture, you can see some of the investments that are taking place. Here we have Novo Battery Factory on the left. It's an investment of 30 billion SEK. 3,000 employees are coming in here. They're on a trip to Stommen, out in Torslanda, right next to our industrial and logistics facilities. The investment in the region is expected to give us about 10,000 new jobs in total. Vi har också den mest attraktiva staden för framtidens arbetskraft. För andra året i rad så är Göteborg den stad som välutbildande svenskar helst vill jobba i. Jag tror att det är det landets industriella centrum som har den här stora betydelsen för den svenska ekonomin och den gröna omställningen. Det ser vi också i attraktiviteten när det gäller att attrahera kompetenta resurser till regionen. Forskningsresurserna i Sverige ligger högst i Göteborgsregionen. Det är 34 procent av den privata FOU-satsningen som går in i den här regionen. Det är ungefär 45 miljarder kronor per år. Göteborg och Västsverige står för ungefär 25 procent, 350 miljoner av svensk varuexport. Det är nästan dubbelt så högt som rikssnittet. And I have a good picture of it here. You can see very clearly how this growth in exports at 5.9% in recent years is twice as high as the national average. And of course, the largest export markets are still growing. Göteborgs hamn, som är ett nav i Skandinavien när det gäller gods in och ut, växer kontinuerligt. Även det första kvartalet så slog containerhanteringen nya rekord. Det ska jämföras med övriga Europa där det oftast minskar faktiskt. Vi håller också på här med en farlighetsfördjupning i hamnen. Det är en stor infrastruktursatsning och innebär att världens största fartyg kan tas in här om några år. Det är lite kort om marknaden utzoomat. Nu tänkte jag att jag skulle prata lite mer om våra två segment, kontor och industrilogistik. Vi har ungefär 960 000 kvadratmeter, nästan en miljon. De här två segmenten är fina komplement till varandra. Jag ska berätta lite mer varför nu. Vi börjar med kontorsmarknaden. Göteborgs kontorsmarknad visar fortsatt en stabil utveckling, även om vakansgraderna är på historiskt höga nivåer, de ligger runt 11% och de ligger kvar på samma nivå som vi egentligen gjorde för ett år sedan, så kan man också ta med sig det att det har faktiskt skett en 3% ökning av kontorsstocken, alltså 90 000 kvadratmeter som har kommit in under motsvarande period. The rate of vacancies is unchanged on a yearly basis. If we look at the rental market as such, we have stable rents. We actually have some top levels, as noted by ICBD and Möndal, during this quarter. What we see is a lower take-up in the first half of the year than it has been before. But at the same time as the demand for new surfaces looks a little lower in the beginning of 2024, then reflected by the new surface volumes that exist and the supply of new surfaces that will come out, then it happens in a calmer pace, one can say, in Gothenburg in the coming two years. So if we look at 2025 and 2026, the supply is much more limited. It is 0.7% approximately of the stock, and we see that in this picture. Vi har ju den puckel som vi har haft med oss sedan 2021-2022 och om vi fokuserar på inringningen här så ser vi ju då att 2025 och 2026 är det väldigt lite som tillförs och därför så är min bedömning att vi kommer ha nedåt tickande vakansgrader här under de kommande två åren. To summarize what our office budget looks like, the value is 22 billion. We have about 560,000 square meters of accessible space and we have 240,000 building rights in our budget. Here are a few pictures of what has happened during this quarter. To the left we see pictures from Aria. It is a newly built property that we have completed here during the quarter. This is Lilla Bommen in the central area. And the entire surrounding area of this area is something that we will see a lot more of when it comes to the Göteborgsmarknad. Det är fem minuters gångavstånd till centralstationen och det ligger precis mitt emot operan. Vi flyttade vårt eget huvudkontor till det här området i Lilla Bommen det sista året. Det har gjort att det är aktiverat. området ytterligare. Ni som var lite uppmärksamma och läste pressreleaser igår ser att Skandik har gått ut med en satsning där man ska tillföra 180 rum precis i det här området. Så det här är ett jättespännande område som kommer i framtiden och även detaljplanen som ligger i norra Norrstaden har vunnit laga kraft. Så här kommer vi få en rejäl skjuts skulle jag tro de senaste kommande åren. Till höger ser vi Södra Engården och den internationella engelska skolan som vi håller på att färdigställa. Här kommer 900 elever starta i augusti. Det är en otroligt fin skolbyggnad och den första delen som är klart in the area that we call Söderängården. It is an area that we have developed and urbanized for many years. 2,000 apartments will be built and the first project is started. It is building rights that we have sold to housing developers. If we look at industrial logistics, our stock is in the area that is Sweden's best logistics location. And Gothenburg has topped this list since 2001, 22 of 23 times, I think. And that has to do with the fact that the port, the train terminal and the airport are located in this logistics hub. And our base is in the middle of this best position, also often with port-close, port-and-key contact. Therefore, the industrial logistics market in Gothenburg is somewhat different from Sweden in general. We have a low rate of vacancy of 4% and we also have a liquid transaction market in this segment. There is a lack of land and there is still good demand. We also see that e-commerce has strengthened somewhat after a few tough years. The rent levels are determined to be unchanged. They are somewhere around 900 kronor per square meter. And the yields in this segment were adjusted very quickly, as you know. And the prime yield right now is at 5.25 in industrial logistics, in the best locations in Gothenburg. This is a summary. If we look at part of our real estate value, it is 25%. one of our asset values in the industry and logistics sector. It is a very nice and strong complement to our office segment. Gothenburg is an industry and knowledge city, and many of the customers are the same in both of these segments. Today, we have 110,000 square meters of buildable project opportunities. And what is nice about this type of project is that they are fast, they create a cash flow very quickly and it is a limited risk. So here we can continue to develop in a market where we do not have a lot of competition, but it feels very good. A high discount as well. And now I'm going to go into our network distribution. And then we're back to the whole stock, of course. As we mentioned earlier, the net sales are still positive. It is one million up in the quarter, and we are positive for 15 quarters in a row. If we look at the curve when the net sales were at its highest, we had very large project volumes to work with, and for natural reasons, the volumes are not really as large. But as I said, it was positive in the quarter, and the new contracts during the period ligger på 13 miljoner kronor. De ligger både i affärsområdet kontor på nio och affärsområdet industrilogistik på fyra. Jag nämnde inledningsvis att vi ligger på rekordnivåer i omförhandlingsvolym och det är ju viktigt för oss därför att vi vill ju behålla våra kunder och de relationer som vi har. Vi har omförhandlat 83 miljoner in this quarter and it is actually more than the previous year's academic negotiations. The income increase was 11%, which is a good income increase and well above the index. Vi passade också på att förlänga de återstående kontraktstiden i snittet med sex månader så att vi är uppe på 54 som snitt nu. 54 månader som snittlängd på våra kontrakt i hela portföljen. Vi förbättrade också överskottsgraden jämfört med förra året. Den är på 79%. Med det så tänkte jag att jag skulle lämna över till dig Fredrik som ska tas igenom Our turnover and results.

Yes, a few figures. And the 54 months is something we keep from Q1. We also had the same, but compared to previous years, it is 54 months in contract length. As Johanna mentioned, it is essential for us to work with our cash flow, which we have done and also deliver this quarter. De stora drivarna till vår hyresintäktsökning som ökar med 17 procent, det är ju givetvis förvärvet som vi gjorde i halvårsskiftet föregående år. Sedan är det våra färdigställda projekt som har flyttats in och tagits i bruk. Främst i logistik, men vi har även kompletterande i bruktagande i Knium kopplat till hotellet. Then we have the index increase that affects positively by 23 million for a comparable period in the previous year. And we also have net inflows and outflows by 17 million positively. What is also a difference compared to the accumulated period in the previous year is the electricity support that we took in in Q2 last year, which meant that we took down our revenues by about 10 million. We also took down costs by 15 million in Q2. So that's a difference when you compare these figures to each other. PILs revenues accumulated 811 million kronor, which is super good. And then we have the real estate costs, which are also increasing. Now we have positive improvements. Our acquisition in Sverre Logistikpark, three properties, and then our finished project, which also kicks off and draws a little more costs. A difference we have compared with the half-year 2023 is that we have seen lower media costs in this half-year by 12 million kronor, which is beneficial for our property cost rate. Och då, som jag nämnde, elstödets effekt på våra kostnader påverkar de 15 miljoner. Och utöver det något övrigt. Det här gör ju då att vår överskottsgrad kommer upp till 79 procent. Och sedan har vi dessutom en ekonomisk uthyrningsgrad som är bättre för den här perioden med en procentenhet jämfört med förra året. 93 procent. Vår intjäningsförmåga då, vilket är inte en prognos utan det är tecknade avtal och genomförda avflyttar som ligger i vår avtalsportfölj, om man så säger, som är den bästa indikationen. Hur ser det ut framåt då? Och då ser vi hur väl det stämmer jämfört med resultatet, försöker vi visa med den här grafen. Då har vi utfall för 2019 kopplat till vilken intjäningsförmåga presenterade vi i Q4 2018, och hur väl har de här stämt över tid. Och då menar vi att det här är en guide over where we are on the road. And this is income minus costs, that is, the operating cost. And if you compare this with Q1, we have a little lower on the top line and therefore a little lower operating cost, and it is linked to losses that have occurred. We present in the report our entire income and also known So this will be all the same. If we don't increase the development further from the current situation, then we have a negative next quarter. But we have shown that now that we cable up our arms and drive on, our goal is that this will be a rising trend. What is essential is that we do not have the same issues that we have had historically when it comes to projects and project rentals, which gives a potential for growth in a different way than when we mostly work with existing assets. But this is something that we are working hard on. The cash flow should go into the top line and keep the costs. In terms of property values and our property value, we come out of the period with 28.4 billion in property value. During the period we have made investments of 419 million. Then we have negative unrealized value changes of about 240 million. If you look at the unrealized value changes a little more in detail, From our project development, where we do our profit calculations, depending on where we are in the project, we have a positive effect of 130 million. Then, on the cash flow side, we have a negative effect of over SEK 200 million linked to deposits and other things that affect our property value. And then we have GILD. The observant reader has seen in the report that we have 508 in average GILD. för hela beståndet, vilket vi även hade i kvartal 2. Men justeringen är på marginalen. Det är några enstaka fastigheter, så det är 0,8 baspunkt i gildjustering uppåt som har skett under perioden, som utmynnar i de här negativa 152. Totalt 237 i en negativ värdeförändring, orealiserat. Nyckeltalsmässigt... Värdet påverkar ju såklart vårt värde som vi ställer vår skuld emot och det här är ju ett arbete att jobba med att set themselves in the right context when it comes to risk profile and risk activity. We have a goal where we will have a loan rate that over time will not exceed 50%. We are at 50% now, the same as in the previous quarter. We are working to meet this with the best of our ability, so to speak. And we can momentarily go over these 50%, but our goal is still to reach Not on, but rather below 50%. And if we look forward, we see with transactions that we have committed ourselves to, on the one hand when it comes to acquisitions, then we need to work with the other side of the strategic transactions in order to mitigate those effects in order to get a solid and stable balance calculation even forward then. Vår utgående snittränta, vilket är väsentligt något som får effekt på förvaltningsresultatet. Även där jobbar vi på hårt och kollar upp ärmarna, men för att möta den tidigare ökade marknadsräntan, den korta. Now we have had a period when it goes down, which we appreciate, and that has a certain impact on our average interest rate. 4.13% in the outgoing average interest rate, which is 0.07% down from the previous quarter, which is very good. This also has a bearing on our interest rate level, which is stable around 2.1 times right now, and linked to the fact that we har en bättre överskottsgrad så har vi också effekt på vår direktavkastning givetvis. 4,5 för perioden, 4,6 i isolerat kvartal. Men Q2 jämfört med Q1 så har vi lite olika kostnadsmassa. Q1 är ett kallt kvartal, där har vi 4,4 och 4,6. Q2 summerat 4,5 just nu. Finansiella nyckeltal och finansiering då, We continue to work to connect the capital allocation system with our sustainability work, which is important not only for places and Gothenburg, but it is of global interest. We are trying to connect as much as possible and help capital både på skuld- och equity-sidan, på aktiesidan, att hitta gröna investeringar och då gärna genom platser, ligger just nu på 65% hållbar investering. Och då är det kopplat till gröna banklån, gröna MTNs, gröna säkerställda MTNs via SFF eller hållbarhetslänkade banklån. Så det är bara att välja, men vi fortsätter att jobba och utveckla det i det nu. We have also got a renewed Nasdaq Green Designation stamp, which is a quality stamp on our stock. We as a company work with sustainability in focus. This stamp, which we now have for the third year in a row, is to help investors. When you look at Nasdaq's list, there is a green stamp there. If you are looking for sustainable investments, this is our stamp. Our way of working is also based on the S&P Global Ratings, which has put our way of working in place and can therefore be approved by the Green Party in the future. Sustainability.

Yes, and when we are talking about sustainability, what do we do in the sustainability area? These are some examples. We have recently done a climate calculation on one of our tree troughs in our logistics facilities. We have three logistics facilities that we have traveled with tree troughs instead of steel. And then we see that we get an impact that is 7% less on the CO2 footprint. It feels great. We have also, as I mentioned earlier, been listed as the year's peak. When it comes to recycling and circular construction, it is a price that is obligatory. And I think it's fun because it means that you notice our shift in how we work with recycling. So you will certainly hear more of it from me. When it comes to the energy goals of the year, they will be a little more challenging to achieve. Energy optimization has been our focus for a long time, the last ten years. And if you remember here at the change of year, I was very proud of the 9% reduction that we made in comparable stock last year. And if we compare ourselves with industry colleagues, we are one of the companies that actually has the lowest or best in our comparable stock. We have during this last time had a lot of leakage actually, source media leakage, and that makes us get a little more challenges, I think. So that's something we need to work with in the future and to get our output down. Finally, on a more positive note, we have increased our certified area when it comes to visible areas, so we are up 61%. Last year it was 56%, so that feels good. I was going to tell a little about the potential and our focus on area development that we run. Vi har ju våra tre ben. Vi jobbar med förvaltning och där är jag ju jättestolt över det arbetet som vår förvaltning gör och det fokus på kassaflödet som verkligen visar sig i den här rapporten. Utöver det här så har vi ju ungefär 350 000 kvadratmeter byggrätter i vårt bestånd. So we work with these two legs and also with the strategic transactions that Fredrik mentioned earlier. Gårda, in the far left here. Here we see Kineum, which was completed one and a half years ago with S-hotel Jaysys, among other things, as large tenants. In the additional properties here, we have quite a lot of stock in Gårda. And here we have a little fun news, because we have just signed Sweden's first electric mack with Circle K. So it will be a very exciting stock to activate parts of Gårda. We also have other big charity guests, of course, as we have mentioned, and Nordic Wellness also opens here in the fall, so it feels great to get started with that. Gamlestaden är ett utvecklingsområde och ligger i 550 år gamla Göteborg, den äldsta delen av Göteborg. And here we have continued to work on creating the food and cultural destination that we have really invested in here. We have opened the pizzeria Dubbelhaken and Ego Gin Destillery and Cocktail Bar. And that makes Forum Design Marknad, which we previously opened, it makes them a company for this creation of the destination and of course strengthens it. Then we have Möndal, in the foreground here we have Mimo, which we will then include in our stock here under Q4 as it looks now. It will be 80% sold before we take over the property and it is 70% sold per day. Möndal is one of our area investments and a prioritized area. It is a strong development municipality. They have won the prize as the year's development municipality under 2023 and almost always on the podium in this type of awards. When it comes to the increase, as I said, it was sometime in Q4, we would think. And this is part of the strategic transactions and part of the core business. And we will meet it when we also start the transaction market here in Gothenburg, with looking at the rest of the stocks. And it will be easier somewhere. I have told you about Arendal Torslanda. We continue with our projects, fast projects in our industrial logistics. Fantastic possibilities, 110,000 square meters that we can continue to develop here. Finally, I would like to summarize what we see as our success factors. Vi är experter på Göteborg, vi finns ju bara här och kan verkligen den här marknaden. Vi sätter vår kund i fokus och det ser vi i de här omförhandlingsvolymerna att vi också uppskattas av våra kunder. Det har jag ett väldigt stort fokus på i arbetet, att ligga nära kunder och se till att vi har fulla hus. Vi har en lönsam tillväxtplan som består av de här tre stycken benen som jag har nämnt. Vi har en diversifierad portfölj som kompletterar varandra. Marknaderna fungerar lite olika på kontor och industri och logistik. Men vi ser verkligen att de här två stöttar varandra i den här marknaden. Vi har ett fantastiskt fint engagerade team och medarbetare. Och vi har en stabil finansiering som vi lyfter oss mot. Med detta så vill jag nog avsluta den här presentationen och gå över till Q&A.

Om du vill ställa en fråga, tryck fyrkant 5 på din telefon för att ställa dig i kön. Om du vill dra tillbaka din fråga, vänligen tryck fyrkant 6. Nästa fråga kommer från Emil Ekholm från Pareto Securities. Varsågod.

God morgon, Johanna och Fredrik. Några frågor från min sida. You have a lot of building rights within industrial logistics in Arendal.

I would like to ask who is in charge of starting them in the current situation? We are starting with projects. We continue to work forward with them. recapitulate where we are. We have just received a lot of these volumes during the last quarter that were approved. So right now we are working on the design phase.

Okay, thank you. Then I would like to ask about the acquisition of MIMO. The rate of rent has increased to 70% from 60% last quarter. Can you say anything about the rent levels on the rents that have occurred in the property so far? And what do you reckon with the rate of rent landing on roughly after the addition?

If we look at where the market rents are in Mölndal, we can see that the assessments we made last quarter, we made a adjustment to the value of what we believe. We are still in that range. We made a adjustment up to 1.8 billion last quarter. So it's in that range. We don't run it ourselves, it's NCC that does it. så har vi ju inte full insikt i exakt var alla hyror hamnar och var förhandlingarna ligger. Men vi kan se det i marknadsdata. Och vi kan ju se det som är tecknat, för det får vi ju till oss.

Belåningsgradsmässigt... Emil, belåningsgradsmässigt så är det ju ren matematik. Om du tittar på balansräkningen som den är så har du ju två procentenheter upp as is. Om vi inte gör motverkande åtgärder såklart.

What is the rate of debt in the acquisition? Is it around 50%?

It is a dialogue that we have with the specific bank that will be behind or be with us in that financing. So the conditions are not set. Okay.

Thank you. Regarding the level of rent, you are presenting from the figures from JLL that the rents are somewhere around 2,700 per square meter. Is that what we can account for on the contracts that have been signed?

There are different distributions on these contracts that have been signed. Jag kan ta upp den här rapporten som är den senaste som kommer ifrån.

Som Johanna sa så är vi andra part i detta. Det är NCC som hyr ut. Och sen hyresnivåerna varierar ju. Vilken våning är huset? Hur mycket yta är det man tar? Vad har vi för motbord? Eller NCC då? Men sen har vi i avtalet att det ska uppfylla hyreskriterier som vi är överens om. Så det... Det går ju inte att hyra ut på vilken nivå som helst.

Okej, tack. En sista fråga.

Jag kan säga, om jag kan komplettera. Jag kan komplettera, Emil, bara för att den senaste rapporten som kommer från JLL nu på Prime-hyrorna i mön, de ligger ju på 3 000, bara för att du ska få den informationen i alla fall. För det vet vi ju.

Ja, men det är bra. I saw that Skanska did an internal sale of a city grid here last week. And that deal was made at about 58,000 per square meter. So I'm just going to check how that value is compared to what you have booked at Gineum.

I think it's hard with these internal deals to know what's going on with them, Emil. We feel a significant increase. The transaction activity in the market is felt. We have not had any open transactions at the office yet. We would like that to start.

If I may say something there, with regard to the fact that it is internal sales, the concept of the house compared to Kineum, I would say that it is well in line with our valuation. We do not have the same square meter price, but it is... right, I would say, if we benchmarked them evenly.

That's great. Would you say that you have been affected by that transition in any other way?

We would do that if we assumed that we were wrong in our assessment, but this confirms that we are in line in Gårda, which this is about specifically.

Det var allt från mig. Tack så mycket. Tack Emel.

Nästa fråga kommer från Albin Sandberg från Kepler Kevroa. Varsågod.

Hej. Jag tänkte jag hade bara definitionsfråga, uppföljning där både när det gällde om värderingsjustering under första halvåret och även då som du är inne på Fredrik med det som händer i intjäningskapaciteten när vi pratar avflyttningar, är det alltså avflyttningar som har de facto skett under kvartalet eller är det liksom annonserade vakanser det jag utefter mer eller liksom är att det är intjäningskapaciteten när ni stod inför Q1-släppet Visser ni då inte om de här avslutningarna?

Jättebra fråga. Om man tittar på inkörningsförmågan i vår rapport så presenterar vi även The next steps will be longer than six months, but there will also be new transfers in the table below. In the Q2 report, we have summed it up to 48 million. That means that the new transfers will be included in our revenue. In this table, we know that in Q3, 13 million will be moved. If everything else was the same, then it would be 13 million down in the income. But as Johanna and I have already done, we are working with with both existing and upcoming tenants, so that we can meet it. Where we have had a large project extension and a little longer time before the entrances, so then the left panel in the report has been quite well received, which has kept up with this in a better way than what we have in the current situation, when we mostly work with existing, of course.

And the biggest... And the eventual counterfeiting, of course.

Den största avflyttningen som var nu var ju då Volvo. Så de lämnade ju 9 miljoner ungefär tror jag det var. Någonstans i den storleken. Och den har vi ju känt till väldigt länge sedan vi köpte det här beståndet i Örendal egentligen.

Så om vi blickar in här nu mot Q3. Vi tar de här 13 miljonerna. Ska ni redovisa 13 miljoner i for Q3 so that it will be balanced as you see it.

And or renegotiations then, because we can jack up the yield volumes, correct?

Yes, and there is the same in the value adjustments, because they were a little more negative Q3 vs Q1. i en stabiliserande marknad eller är det eftersläpande från konjunkturen?

Det var ju lite giljusteringar på några enstaka fastigheter men sen har vi ju när en avflyttning trädde i kraft så får det en impact på kassaflödet år ett i värderingen så den slår ju igenom eller har slagit igenom på en del håll i vår värdering i våra fastigheter. But this is something that we are working with. It is the cash flow that is our biggest impact point where we ourselves can contribute that together with project development. The GIL, we do not hand it over, but it is related to us.

And then a question about, you mention this, Matti Storsson, you have had quite a lot of projects that have worked and worked well. If you say places now, what is it that Jag förstår absolut de här konjunkturella oerhörsmomenten som kanske fortfarande finns, men är det balansräkningen, är det att ni ska upp i en viss förhyrd nivå innan ni startar, eller väntar ni in den här affären med NCC, eller när ser man platser bli lite mer offensivt igen sifframässigt?

Det är mycket en konjunkturfråga det här också, att vi vill ha en bra tajming i det. som vi kör igång. Vi kör ju projekt. Vi körde ju 140 000 kvadratmeter förra året i Industri- och logistikbenet, därför att det är ett väldigt fungerande segment för oss. Kontors... Thank you. Thank you.

Nästa fråga kommer från Marcus Henriksson från ABG Sandalkajer. Varsågod. What kind of location, type of property?

I can comment on that. We work very strategically with our areas, the ones we choose and drive world development in. And then you also have to look at what is it that doesn't fit in that mix. So much I can say that it's the job we're doing right now.

And then to connect the two, it's not about a question of financing. We at Stadigassa have good opportunities to loan up, so it's not about access to capital, but it's about rebalancing the balance sheet and having healthy financial keys that we committed to this loan degree.

Alright, tack för det. Sen så nämner ni att det är lite mer aktivitet på transaktionsmarknaden och då är väl frågan, är det framförallt en blinkning att ni då är ute och fonderar försäljningar eller är det objekt ute om ni skulle vilja köpa någonting att det de facto finns saker ute i marknaden med prospekt etc. att titta på?

Prospects have been around all the time.

Yes, prospects have been around all the time. But this is a bit of a dead end. I think it's higher activity. And of course, we see that it has started in Stockholm. It hasn't done that in Gothenburg. But I think we'll get there, hopefully, as a market.

It's closer now than it's been for a long time.

Yes.

And what do you see, if the prospects have been out all the time, is it that the price image has changed, so that there are good prospects or good transaction prices? Because otherwise it is probably just that that needs to occur.

Yes, it has been the challenge that sellers and buyers have not met. There have been prospects out all the time, but there has not been an ability for sellers and buyers to meet. That's what the history has been. Mm.

Mm. Mm. Mm. Mm. Mm. Mm.

Ja, tack för det. Sen om vi tittar på investeringar, är ni nere och taktar på strax över en miljard, nu rullande tolv, ner från 1,4 när ni pika under tidigt 23. Ni lyfter ju fram att det är avvaktande inom kontor, och då är det klart att volymerna är större där inom logistik. Men om man liksom blickar lite framåt, ni har ju historiskt nämnt Gamlestaden som intressant nästa steg. Är det fortsatt det som är närmast i tid? Och vad är liksom en rimlig tidshorisont? given the current situation? You mentioned, Johanna, that it's not the time to start on the spectrum, given the current situation. But what is it that will change if you can measure up a little?

When do you think it will start to light up and that you actually dare to press the investment button? I think the current situation will turn up here during 2025. That's what many of those who say. So then we'll probably see that We get a rush, especially from the tenants. Because what I feel is that it's just this rate reduction that happened. The market feels that there is another positive breath. And then it's a matter of timing and an ability for us to rent out, which controls this to a large extent when it comes to the office segment. Industry logistics is much more digital. You can rent out a whole property and then you can start and it goes pretty fast. If you look at Syrola 2.3, for example, which we are finishing next quarter, it is from the fact that we signed the lease contract to a finished building of 12 months. It's much, much faster. process, ett kontorsprojekt, där håller du, alltså det är mycket, mycket längre processer. Du projekterar kanske i ett år eller två, och sen så ska du bygga i två eller tre år, så att det är ju mycket längre levtider.

Yes, och Gamlestaden då, är det fortsatt det som är intressant? Det har ju varit innan med möjlig byggstart och så, i och med att Gullbergsvass och Lilla Bomarna har legat så pass långt bort, men Now that we're getting closer to that option, it's more interesting to invest in central Gothenburg. What do you think about that?

It's also market-driven. In Gamleston, we're already on the move with projects. We have some of the directors that we're actually running now. And then it's like a mix between a road project and the possibility of building more. So we're running one project now. Det syns kanske inte så mycket utanför, för det är inte så mycket byggkranar, men det körs. Vi är igång hela tiden. Det går att skruva på Gamlestaden hela tiden. Gamlestaden genererar hela tiden ett kassaflöde också, så vi kan takta det på ett sätt som är angenämt. Det är efterfrågandrivet, skulle jag säga. Vi har stackt upp vår utredningsorganisation med en... A new social manager, Marcus, and I know him from before, and I know that he doesn't usually rest on the fence, so things are starting to happen. Even more things.

We already have a... Good, thanks for that. Then one last question about conversion. Both high volume and nice figure, 11% up on the rents. Have you mentioned what type of premises, rent guests, area, or something you can help us with?

Men det är både i kontorsegmentet och industrilogistiksegmentet. Så det är faktiskt i båda de segmenten som vi startar. Nästan hälften av hälften faktiskt.

Det större i kontor var i CBD.

Det större i kontor var i CBD, precis.

Tack för det. Det var mina frågor. Trevlig helg.

Ha det gott. Tack detsamma Marcus.

Det finns inga fler frågor just nu, så jag lämnar över ordet till talarna för eventuella avslutande kommentarer.